BHP Sells Australia Gas Stake To PetroChina
BEIJING (AP) â¿¿ BHP Billiton Ltd. said Wednesday it has agreed to sell its stake in a proposed Australian gas project to Chinese state-owned energy producer PetroChina for $1.6 billion.
PetroChina is Asia's biggest oil producer by volume and, along with other Chinese energy companies, has been acquiring assets abroad to profit from increased Chinese demand for imported oil and gas.
BHP said the sale covers its 8.33 per cent interest in the East Browse Joint Venture and 20 per cent interest in the West Browse Joint Venture, located off Australia's west coast. The Australian mining giant said other partners in the Browse joint venture have the right to match the offer and the deal still requires regulatory approval.
"PetroChina has acquired an interest in a world class gas resource and BHP Billiton has exited a non-strategic asset," said BHP Billiton's chief executive for petroleum, J. Michael Yeager, in a statement.Last week, another Chinese state-owned energy company, CNOOC Ltd., received Canadian government approval to acquire oil and gas producer Nexen for $15.1 billion. ___ BHP Billiton Ltd.: www.bhpbilliton.com PetroChina Ltd.: www.petrochina.com.cn
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV